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HomeMy WebLinkAbout020912 rm agn & min Saner Firefighters' Retirement System Susy Pita, Pension Plan Administrator 21629 Stirling Pass ♦ Leesburg, Florida 34748 Phone: 352-787-9795 • Fax: 352-787-2699 NOTICE OF MEETING - Posted February 2, 2012 Thursday, February 9, 2012 at 10:30 a.m.* City Hall — Railroad Conference Room - 2 " Floor *Please make note of the new starting time. AGENDA 1. CaII to Order and Roll Call 2. Appointment of Officer's to the Board 3. Approval of Minutes: Regular Meeting — November 10, 2011 4. Approval of Disbursements 5. Actuarial Valuation Report — Foster & Foster 6. Investment Consultant's Report 7. Attorney's Report 8. Old Business: Review & Approve Updated Summary Plan Description 9. New Business: Disability Application — Jeffrey Schoenwetter 10. Next Meeting Date: May 10, 2012 at 10:30 a.m. 11. Adjournment DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with disabilities needing special accommodation to participate in this meeting should contact Susy Pita, Plan Administrator, no later than seven days subsequent to the proceeding at 352 - 787 -9795 for assistance. If hearing impaired, call the Florida Relay Service Numbers at 800- 955- 8771 (TDD) or 800 - 955 -8770 (VOICE) for assistance. APPEAL NOTICE: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, that person will need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which appeal is to be based. SANFORD FIREFIGHTERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, February 9, 2012 — 10:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 11:20 a.m. by the Chairman, Thomas Hickson. The following members were present: Sylvester Chang, Craig Radzak, John Smith, and Robert Vaughn. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Greg McNeillie, Plan Consultant. Cynthia Lindsay, Finance Director, was also present. 2. Appointment of Officers to the Board A motion was made by Sylvester Chang to maintain the current Officers on the Board. Seconded by John Smith, the motion carried unanimously. 3. Approval of Minutes Sylvester Chang requested clarification by the Plan Administrator on two items. A motion was then made by Craig Radzak to approve the minutes from the regular meeting held November 10, 2012, as amended. Seconded by John Smith, the motion carried unanimously. 4. Disbursements Sylvester Chang noted that the amount reported as paid to Dahab was different from the invoice. The Administrator noted the correction and a motion was then made by Craig Radzak to approve the disbursement report as amended. Seconded by John Smith, the motion carried unanimously. (Copy is attached for the record) 5. Actuarial Valuation Report Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2011. Following some discussion, a motion was made by Craig Radzak to approve the report as presented. Seconded by Robert Vaughn, the motion carried unanimously. A discussion then took place regarding the annual Declaration of Returns letter. Following lengthy input from the investment professionals, attorney, and the Trustees, a motion was made by Sylvester Chang to submit the annual letter to the Division of Retirement stating that the total expected annual rate of investment return for the fund for the next year, the next several years, and the long -term thereafter, shall be 8 %, net of investment expenses. Seconded by Robert Vaughn, the motion carried unanimously. Greg McNeillie will provide the required back -up data to the Administrator to include with the letter. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2011. Asset allocation for the period: Large Cap Equities — 38.9 %, SMid Cap Equities — 9.3 %, International Equity — 9.9%, Fixed Income — 33.9% and Cash — 8 %. Total portfolio value was $17,919,232. Greg concluded his report to the Board by advising the Trustees that he will prepare an attendance schedule for the Money Managers beginning with the next regular meeting. 7. Attorney's Report Scott discussed the current legislative issues and the potential impacts on the Plan. He also discussed the disability presumptions task force report being considered at the State level. Scott continued the remainder of his report under agenda items 8 and 9. Page 2 of 2 Sanford Firefighters' Retirement System February 9, 2012 8. Old Business Scott reviewed the Summary Plan Description with the Trustees. A motion was then made by Craig Radzak to approve the revised Summary Plan Description pending the attachment of Exhibit "B" from the Actuary. Seconded by John Smith, the motion carried unanimously. 9. New Business A Disability Application was submitted by Jeffrey Schoenwetter on 01/18/12. Scott informed the Board that his office staff is in the process of following up on the claim and he will report back to the Trustees at their next meeting. 10. Next Meeting Date The next regular meeting date was set for Thursday, May 10, 2012 at 10:30 a.m. 11. Adjournment The meeting ended at 12:05 p.m. 1 :i AI (for the Bohr- CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report February 9, 2012 Date Issued to: Issued for: Amount 11/11/11 Dahab Consulting Services $2,123.42 12/01/11 Susy Pita Administrative Svcs. $800.00 12/07/11 Christiansen & Dehner Legal Services $1,280.06 12/19/11 F.P.P.T.A. Annual Dues $600.00 01/01/12 Susy Pita Administrative Svcs. $1,000.00 01/03/12 Christiansen & Dehner Legal Services $170.58 01/05/12 F.P.P.T.A. CEU Fee -Smith $100.00 01/06/12 F.P.P.T.A. CEU Fee - Radzak $100.00 01/16/12 F.P.P.T.A. CEU Fee - Vaughn $100.00 01/16/12 Polen Capital Management Svcs. $6,273.00 01/16/12 Lee Munder Capital Management Svcs. $3,127.40 01/06/12 Foster & Foster Actuarial Services $9,881.00 01/23/12 Salem Trust Custodial Svcs. $5,820.60 01/30/12 Garcia Hamilton Management Svcs. $4,552.19 02/01/12 Susy Pita Administrative Svcs. $1,000.00 Date Contribution Refund: Amount None